ECB's Weidmann: Monetary policy accommodation is still warranted

The European Central Bank's monetary policy accommodation is still warranted given the weak growth and low inflation, ECB Governing Council member and Bundesbank President, Jens Weidmann, told a financial conference in Frankfurt on Friday.

"Monetary policy cannot be complacent if its policy stance raises long-term risks to price stability through the build-up of financial imbalances," Weidmann added, per Reuters. "We should not be over-confident about the role macroprudential policy can play in addressing systemic risks. This policy approach is still in its infancy."

The EUR/USD pair's reaction to these remarks was muted and the pair was last seen trading at 1.1058, where it was virtually unchanged on a daily basis.